Longbai Group's holding subsidiary plans to invest 1.08 billion yuan in the construction of scandium and vanadium new materials industrial park project

 On June 18, Longbai Group disclosed its announcement on investing in the construction of the Scandium Vanadium New Materials Industrial Park project. In order to further expand and strengthen the scandium and vanadium industry and strengthen the company's industrial chain advantages in scandium, vanadium and battery materials, in principle, the company's controlling subsidiary Hunan Dongfang Scandium Industry Co., Ltd.(hereinafter referred to as "Hunan Dongscandium") or Hunan Dongscandium Subsidiary subsidiaries (including Hunan Dongscandium newly established subsidiary) invested 1.08 billion yuan to build the scandium and vanadium new material industrial park project (hereinafter referred to as "this project").

It is understood that the construction of this project is in line with national industrial policies, industry development trends and enterprise development strategic plans. It is a new material industry project encouraged by the state and can bring new economic growth points to the local area. At the same time, the implementation of this project will enable the company to have two complete industrial chains: "Extraction of waste secondary resources-scandium oxide-aluminum-scandium master alloy-new high-performance aluminum alloy ingots-New scandium high-performance aluminum alloy profiles" and "Extraction of waste secondary resources-Sodium polyvanadate-Vanadium Pentaoxide-Vanadium Battery Electrolyte", improving the company's scandium and vanadium industrial chains, improving the company's competitiveness and profitability, and laying a solid foundation for the company's rapid and sustainable development., in line with the company's development strategy.